Home sales across Northern Virginia were down 13.8% in June compared to a year before, according to new data from the Northern Virginia Association of Realtors® (NVAR). It was also a decline from May 2024, showing that mortgage rates, which are higher from a few years ago, are giving buyers and sellers both a reason to hold off.
“This year’s regional housing market resembles a pendulum, swinging back and forth. The one constant is that prices continue to go up. With a bit more inventory, homebuyers in June had a few more choices than last year, however it remains a sellers’ market,” explained NVAR Board Member Mary Bowen of Long and Foster Real Estate.
The median price of homes sold in Northern Virginia was up compared to a year before, but it was in part due to continued low inventory of homes on the market. There are a few reasons for this, including reports that homeowners with low-rate mortgages from a few years ago are opting to stay put instead of move to a new home with a potentially higher mortgage rate. (Alexandria real estate company Fidelis Properties earlier this year launched AssumeList, which helps buyers assume the low-rate mortgages of sellers. The company is rapidly expanding to other states.)
“Our shifting market reveals ongoing demand amid a landscape of short supply. Even with more selection, we still have very little inventory, which is driving prices higher," explained NVAR CEO Ryan McLaughlin.
- The average sold price was $889,957 in June 2024, up 9.5% compared to June 2023 across Northern Virginia.
- In the City of Alexandria, the average sold price in June was $839,029, which is up 10.8% compared to a year ago.
- In Fairfax County, the average sold price in June was $885,650, which is up 8% compared to a year ago.
